Payment and loyalty solutions provider The Logic Group is set to be acquired by Barclaycard, it was announced today.

The fee for the deal has not been disclosed, but the takeover includes The Logic Group's UK and Spanish businesses.

A statement from The Logic Group said that the acquisition will allow Barclaycard's global payments business to provide its clients with access to "a wider suite of innovative products and services, including The Logic Group's transaction processing capabilities from multiple sales channels, through a single platform".

Barclaycard will provide a broader merchant base of top-tier companies from around the world, as well as smaller enterprises, adding to The Logic Group's existing portfolio of retail, financial services and hospitality clients. Barclaycard has committed to continuing investment to jointly develop new customer propositions which can be marketed to customers of both businesses.

Gareth Wokes, chairman and CEO of The Logic Group, commented: "Today's announcement marks the start of an exciting new era of expansion and development for The Logic Group.

"We are delighted to become part of such a trusted, global brand and to be able to build on the opportunity that Barclaycard offers us in the expansion of our customer base as well as more benefits for our clients through Barclaycard's scale and expertise."

The deal is subject to competition authority approval, but the transaction is expected to be completed in the fourth quarter of 2014.

Valerie Soranno Keating, CEO of Barclaycard, added: "The Logic Group brings a range of new capabilities to Barclaycard that support our strategy to deliver growth for our business and for our customers. 

"There is a strong fit between our two businesses, most notably in our shared commitment to innovation and customer service and mutual recognition of the role of technology in driving change across the payments industry."